Pan American Silver (TSE:PAAS)
NYSE:PAAS
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Pan American Silver
(NYSE:PAAS)
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Rating:76Outperform
Price Target:
C$90.00
▲(14.37% Upside)
Action:ReiteratedDate:02/20/26
The score is driven primarily by improved financial performance (strong 2024–2025 profitability and cash generation supported by a solid balance sheet) and a favorable, upward technical trend. Offsetting factors are a less compelling valuation for a cyclical miner (P/E ~22, low yield) and earnings-call risks including higher 2026 cost guidance and ongoing Escobal uncertainty.
Positive Factors
Free Cash Flow Strength
The company generated materially higher free cash flow in 2025, providing durable internal funding for sustaining/project capital, dividends, buybacks, and debt service. Strong FCF materially improves financial flexibility across commodity cycles and supports execution of multi‑year projects and exploration programs.
Negative Factors
Escobal Suspension & Permitting Risk
A prolonged suspension at a material asset leaves potential reserves and cash flows inaccessible, creating persistent upside uncertainty. Regulatory and community consultation risk can delay restart for months or years, impairing the company’s long‑term resource utilization and planning.
Read all positive and negative factors
Positive Factors
Negative Factors
Free Cash Flow Strength
The company generated materially higher free cash flow in 2025, providing durable internal funding for sustaining/project capital, dividends, buybacks, and debt service. Strong FCF materially improves financial flexibility across commodity cycles and supports execution of multi‑year projects and exploration programs.
Read all positive factors
Pan American Silver (PAAS) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$33.20B
Dividend Yield0.88%
Average Volume (3M)1.16M
Price to Earnings (P/E)11.9
Beta (1Y)2.52
Revenue Growth25.04%
EPS GrowthN/A
CountryCA
Employees9,000
SectorBasic Materials
Sector Strength58
IndustrySilver
Share Statistics
EPS (TTM)1.52
Shares Outstanding421,884,000
10 Day Avg. Volume962,330
30 Day Avg. Volume1,157,297
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)2.83
Price to Sales (P/S)5.37
P/FCF Ratio18.28
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$101.58Price Target Upside29.09% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)6.4
Revenue Forecast (FY)C$6.97B
Pan American Silver Business Overview & Revenue Model
Company Description
Pan American Silver Corp., together with its subsidiaries, engages in the exploration, mine development, extraction, processing, refining, and reclamation of silver, gold, zinc, lead, and copper mines in Canada, Mexico, Peru, Argentina, and Bolivi...
How the Company Makes Money
Pan American Silver makes money primarily by producing and selling precious metals—mainly silver and gold—from its owned and operated mining and processing assets. Revenue is generated when mined ore is processed into marketable products (such as ...
Pan American Silver Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
The call emphasizes multiple strong positives: record revenue/earnings, record free cash flow, a large cash build, production outperformance (notably from Juanicipio), and clear catalysts for 2026 (La Colorada PEA, Jacobina optimization, expanded exploration). Offsetting items include an ongoing suspension at Escobal with no restart timeline, higher 2026 AISC guidance driven by price-linked royalties and profit sharing, and some asset-level production declines (Dolores, El Peñón). On balance, the company appears well positioned financially to fund growth and return capital while executing project work and exploration; the positive items materially outweigh the operational and permitting uncertainties.Positive Updates
Record Financial Results
Record net earnings of $452 million in Q4 2025 ($1.07 per basic share) and $980 million for full-year 2025 ($2.56 per basic share). Adjusted earnings of $470 million in Q4 and $959 million for the full year.
Negative Updates
Escobal — Suspension and Uncertain Timeline
Escobal remains suspended pending an ILO 169 consultation process in Guatemala. Ministry engagement continues but there is no timeline for completion or restart, leaving material upside locked and uncertain.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Financial Results
Record net earnings of $452 million in Q4 2025 ($1.07 per basic share) and $980 million for full-year 2025 ($2.56 per basic share). Adjusted earnings of $470 million in Q4 and $959 million for the full year.
Read all positive updates
Company Guidance
Pan American guided 2026 attributable silver production of 25–27 million ounces (roughly a 14% increase driven by the full‑year contribution from Juanicipio and higher grades at Cerro Moro) with silver‑segment all‑in sustaining costs of $15.75–$18.25/oz, and attributable gold production of 700,000–750,000 ounces with gold‑segment AISC of $1,700–$1,850/oz. Sustaining capital is expected to be similar to 2025 (with additional capital for Juanicipio), project capital will rise to advance La Colorada Skarn, Jacobina and Timmins (including satellite deposits), and exploration capital is being increased; management plans to publish an updated La Colorada Skarn PEA in Q2‑2026 and noted AISC guidance reflects higher royalties, worker participation and smelting/refining costs tied to higher metal‑price assumptions while expecting strong free cash flow potential.Pan American Silver Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
82
Very Positive
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.68B | 2.82B | 2.32B | 1.49B | 1.63B |
| Gross Profit | 1.39B | 548.50M | 214.60M | 48.36M | 367.94M |
| EBITDA | 1.72B | 1.05B | 476.80M | 22.07M | 554.87M |
| Net Income | 995.12M | 111.50M | -103.70M | -340.06M | 97.43M |
Balance Sheet | |||||
| Total Assets | 9.72B | 7.20B | 7.21B | 3.25B | 3.52B |
| Cash, Cash Equivalents and Short-Term Investments | 1.32B | 887.30M | 440.90M | 142.34M | 335.27M |
| Total Debt | 935.29M | 803.30M | 801.60M | 226.84M | 45.86M |
| Total Liabilities | 2.74B | 2.49B | 2.44B | 1.05B | 882.58M |
| Stockholders Equity | 6.98B | 4.70B | 4.76B | 2.20B | 2.63B |
Cash Flow | |||||
| Free Cash Flow | 1.08B | 400.80M | 71.20M | -242.78M | 148.63M |
| Operating Cash Flow | 1.40B | 724.10M | 450.20M | 31.91M | 392.11M |
| Investing Cash Flow | -763.13M | -32.60M | 397.90M | -255.40M | -186.66M |
| Financing Cash Flow | -282.87M | -225.20M | -551.80M | 52.97M | -85.91M |
Pan American Silver Technical Analysis
Positive
78.69
Price Trends
78.93
Negative
73.91
Positive
60.04
Positive
Market Momentum
-0.24
Negative
54.37
Neutral
79.72
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:PAAS, the sentiment is Positive. The current price of 78.69 is above the 20-day moving average (MA) of 73.93, below the 50-day MA of 78.93, and above the 200-day MA of 60.04, indicating a neutral trend. The MACD of -0.24 indicates Negative momentum. The RSI at 54.37 is Neutral, neither overbought nor oversold. The STOCH value of 79.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:PAAS.
Pan American Silver Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | C$33.20B | 11.93 | 16.85% | 0.88% | 25.04% | ― | |
73 Outperform | C$4.40B | 9.95 | 18.47% | ― | 7.61% | 915.74% | |
72 Outperform | C$14.09B | 47.66 | 6.49% | 0.12% | 88.70% | ― | |
71 Outperform | C$3.42B | -29.08 | -2.37% | 0.29% | 37.50% | -60.92% | |
66 Neutral | C$7.80B | 39.33 | 24.80% | ― | ― | ― | |
65 Neutral | C$3.23B | 43.08 | 12.50% | ― | 241.04% | -80.07% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:PAAS
Pan American Silver
78.69
44.44
129.72%
TSE:AG
First Majestic Silver
28.53
20.14
239.93%
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Fortuna Mining Corp
14.42
5.73
65.94%
TSE:SVM
Silvercorp Metals
15.53
10.59
214.56%
TSE:AYA
Aya Gold & Silver
22.56
11.56
105.09%
TSE:DSV
Discovery Silver
9.63
7.54
360.77%
Pan American Silver Corporate Events
Business Operations and Strategy
Pan American Silver Targets Top-Tier Status With Revised La Colorada Skarn Expansion Plan
Positive
Mar 24, 2026
Pan American Silver has released a revised preliminary economic assessment for the 100%-owned La Colorada property in Zacatecas, Mexico, outlining an integrated expansion that combines existing vein resources with high-grade zones of the La Colora...
Business Operations and StrategyDividendsFinancial Disclosures
Pan American Silver Posts Record 2025 Results and Hikes Dividend
Positive
Feb 18, 2026
Pan American Silver reported record fourth-quarter and full-year 2025 results, driven by higher silver and gold prices, strong operating margins, and production that met or beat guidance. The miner posted record revenue, earnings, and operating ca...
Business Operations and StrategyFinancial Disclosures
Pan American Silver Beats 2025 Output Targets and Lifts 2026 Guidance on Stronger Margins
Positive
Jan 20, 2026
Pan American Silver reported preliminary 2025 production results showing attributable silver output of 22.8 million ounces, above its updated guidance range, and attributable gold production of 742,200 ounces, within guidance, supported by record ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.